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    • Gruber1650!
    • By Gruber1650! 10th Aug 18, 10:37 AM
    • 2Posts
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    Gruber1650!
    Fee paying account
    • #1
    • 10th Aug 18, 10:37 AM
    Fee paying account 10th Aug 18 at 10:37 AM
    Hi all, just joined the forum. I cancelled my fee paying account with RBS.in 2012 when I found out a fee free account was available. I have recently tried to get these fees repaid from the bank with no success. They say I should have claimed earliest quoting the 3 year limit, my arguement is that I have only just found out that I could reclaim the money. Would it be worth taking it up with the ombudsman or am I wasting my time, thanks for any advice.
    Regards Peter.
Page 1
    • dunstonh
    • By dunstonh 10th Aug 18, 10:52 AM
    • 96,058 Posts
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    dunstonh
    • #2
    • 10th Aug 18, 10:52 AM
    • #2
    • 10th Aug 18, 10:52 AM
    The timebar rules are set by the regulator and the Ombudsman enforces FCA rules.

    The 3 & 6 year rule is that you have to complain within 6 years of the start (so when you bought the fee-paying account) or within 3 years of being reasonably aware of an issue (the date you changed from that account). Both rules have to be met to allow a timebar. In your case it appears to be a valid timebar and I would expect the FOS to agree (based on published decisions they have made on cases similar to yours. It is also worth noting that the FOS only uphold around 11% of packaged bank account complaints. Its not a major issue for them. Although admittedly, the number of people time barred now means that is the reason they reject. That said, I was at a meeting with the FOS and they said they didn't have an issue with packaged bank accounts as a product.

    my arguement is that I have only just found out that I could reclaim the money.
    That doesn't work I'm afraid. People are free to complain about whatever they like in any walk of life. Saying you didn't know you could complain goes against human nature.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Gruber1650!
    • By Gruber1650! 10th Aug 18, 10:54 AM
    • 2 Posts
    • 0 Thanks
    Gruber1650!
    • #3
    • 10th Aug 18, 10:54 AM
    • #3
    • 10th Aug 18, 10:54 AM
    Sorry I should have added that I didn't ask for the fee account, it was imposed on me and I wasn't told of any alternative.
    • dunstonh
    • By dunstonh 10th Aug 18, 11:20 AM
    • 96,058 Posts
    • 63,875 Thanks
    dunstonh
    • #4
    • 10th Aug 18, 11:20 AM
    • #4
    • 10th Aug 18, 11:20 AM
    Sorry I should have added that I didn't ask for the fee account, it was imposed on me and I wasn't told of any alternative.
    Originally posted by Gruber1650!
    Doesn't matter. You are barred from a complaint. You could have the most nailed on complaint reason going but you would still not get past the time bar.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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